Welcome back for the next leg up bulls. We got what we were patiently waiting for last chart. We have been following our 4 hour chart for the higher lows and were patiently waiting to get the next leg up which would allow for some profit taking and then a risk free trade based on stop losses of higher lows. We have now accomplished this and can rest pretty easy here.
We were also watching EMAs last chart as price was stuck between the 12 and 26 EMAs with one giving resistance and other trying to hold support. If support failed we just watched the higher lows to make sure those held. They did and we established another higher low since last chart down at $9978. With this leg up over night, we have yet another higher low at $10,265. I personally took my first sell here in the low $10,700s just to lock in some profit as well as bulls running into daily EMAs at this level so was anticipating some potential resistance. Thus far bulls handling it well and it appears bulls are in control and may make the move towards $11k today.
Back to 4 hour chart, we are also getting our EMAs to give a bullish cross here. Last time EMAs crossed bullish was around $9700 before running up to over $12,000. They then crossed bearish around $11,400 and will now cross bullish here. Some will and do successfully trade EMA crosses. Sell when they cross bearish (12 goes below 26), buy when they cross bullish (12 goes above 26) or whichever EMAs you use. I've personally really only used 12 and 26 EMAs for a few years now and they have worked very well. Now that the bulls are back above both EMAs, we will watch to see if they also hold as support.
Personally scaled out about 15% of my position to lock up profits and remainder is at a stop loss under most recent higher low. If bulls continue to give new legs up, then I continue to raise my stop loss. It is now a risk free and slightly profitable trade based on stop loss levels. Happy Trading and lets see if bulls can put together a solid run here. A few days ago I was eyeing this $10.5-10.9k as resistance area and we got that at 10.5 so lets see if bulls continue to find further resistance within this range.
Just My 2 Sats!
We were also watching EMAs last chart as price was stuck between the 12 and 26 EMAs with one giving resistance and other trying to hold support. If support failed we just watched the higher lows to make sure those held. They did and we established another higher low since last chart down at $9978. With this leg up over night, we have yet another higher low at $10,265. I personally took my first sell here in the low $10,700s just to lock in some profit as well as bulls running into daily EMAs at this level so was anticipating some potential resistance. Thus far bulls handling it well and it appears bulls are in control and may make the move towards $11k today.
Back to 4 hour chart, we are also getting our EMAs to give a bullish cross here. Last time EMAs crossed bullish was around $9700 before running up to over $12,000. They then crossed bearish around $11,400 and will now cross bullish here. Some will and do successfully trade EMA crosses. Sell when they cross bearish (12 goes below 26), buy when they cross bullish (12 goes above 26) or whichever EMAs you use. I've personally really only used 12 and 26 EMAs for a few years now and they have worked very well. Now that the bulls are back above both EMAs, we will watch to see if they also hold as support.
Personally scaled out about 15% of my position to lock up profits and remainder is at a stop loss under most recent higher low. If bulls continue to give new legs up, then I continue to raise my stop loss. It is now a risk free and slightly profitable trade based on stop loss levels. Happy Trading and lets see if bulls can put together a solid run here. A few days ago I was eyeing this $10.5-10.9k as resistance area and we got that at 10.5 so lets see if bulls continue to find further resistance within this range.
Just My 2 Sats!
